Nov '24 • General discussion
11/17/2024 - Wednesday Trade Plan
Support: The Market’s Safety Nets (Or Not)
First up, 6026—our hero of the day. But don’t blindly trust it; it’s like a maybe-reliable friend. If it holds, great! If it doesn’t, brace for a slippery slide to 6017 and then 5993, the market’s favorite “magnet” that just can’t stop pulling prices back in.
Below that, 5972 is where the drama really unfolds. A failed breakdown here could be the plot twist we’re waiting for—like the hero coming back just when all hope seemed lost. Lower down, we’ve got 5954 and 5938, the seasoned veterans of support. But let’s not get too cozy; if these levels go, we’re in for a spicy tumble.
Resistance: Where Bulls Break a Sweat
Resistance is lurking, starting with 6038 and 6044, both ready to smack the bulls back down if they charge too fast. Beyond that, it’s 6054, 6073, and 6104—the next breakout targets for those bullish enough to keep climbing the ladder.
For you daring short-sellers out there (we see you, thrill-seekers), 6044 and 6073 might tempt you, but beware—shorting strength is like challenging a bull to a dance-off. You’ll probably lose.
Bull Case: Keep Riding the Wave
It’s been a week of bull flag breakouts, and the bulls are still throwing a party. As long as 5993 holds, it’s all systems go. The best-case scenario? ES builds a little base between 6026 and 6044 overnight, then rockets straight to 6054, 6073, and 6104—because why not aim for the stars?
If 6026 dips but recovers, bulls could use that as a sneaky buying opportunity. But if we get a full-blown pullback to 5993, don’t panic; it’s just the market catching its breath.
Bear Case: A Long Shot
The bears are hiding, waiting for 5993 to break like a shaky piñata. But let’s be real—most breakdowns end up as traps, like trying to catch a greased pig. If you’re up for the challenge, watch for a bounce or failed breakdown at 5993, then strike below the low (probably around 5987).
And for the pros out there, a breakdown at 6017 could be a slick short play, but only if all criteria are met. Newbies, maybe sit this one out—this is advanced-level chaos.
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11/17/2024 - Wednesday Trade Plan
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